Phytochemicals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

Phytochemicals Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

The phytochemicals market is poised for significant growth, driven by their increasing utilization across diverse industries.Valued at $7.58 billion in 2024, the market is projected to reach $14.49 billion by 2031, reflecting a robust CAGR of 9.70%. Phytochemicals are natural compounds found in plants, and their consumption is rising due to the health benefits they offer. These compounds are extensively used in the food and beverage industry, pharmaceuticals, skincare and cosmetics, nutraceuticals, animal feed, and more.

Phytochemicals Consumption Analysis

The global phytochemical market has experienced robust growth historically, and this trend is expected to continue. The dominance of the food and beverage and cosmetic industries is a significant factor propelling the growth of the phytochemical market globally. Phytochemicals are used in the food and beverage industry as additives to improve taste, texture, moisture absorption, dough rheology, browning, flavor, and to increase the shelf-life of food items. Their health benefits also make them valuable in the pharmaceutical industry. As natural ingredients, phytochemicals are used in the cosmetics and skincare industries for skin lightening due to their appealing consistency. The popularity of herbal extracts has further boosted their demand across various sectors.

In the food and beverage industry, phytochemicals are effectively utilized in bakery, dairy, salad dressing, cereals and snacks, sports nutrition, functional food, and more. Their natural plant-based origin and numerous health benefits make them highly sought after. Various industries are incorporating phytochemical solutions as essential ingredients due to their rich antioxidant, antiseptic, and nutritional properties. The beverages industry, in particular, uses them as additives in various products.

Key Trends in the Phytochemicals Market

Plant Extracts in Pharmaceuticals

In the pharmaceutical sector, plants have been used as traditional treatments for human diseases for centuries. In rural areas of developing countries, people still rely on plants as crucial medicine for healthcare. Medicinal plants are rich in biologically active natural compounds and help develop chemicals for pharmaceutical products. Plants such as amla, bilberry, ashwagandha, jamun, karela, Alchemilla Vulgaris, propolis, and mulethi are known for their medicinal properties, including anti-inflammatory, antioxidant, and antimicrobial effects. These properties boost immunity, reduce cardiovascular disease risk, lower blood pressure, protect against cancer, inhibit tumor growth, and promote eye health.

Phytochemicals in the Food and Beverage Industry

Consumers are shifting towards natural, plant-based ingredients in their diets, leading to a preference for natural active ingredients over synthetic additives. Antioxidant-rich ingredients are in demand as they can inhibit oxidative rancidity in fat-based meats, dairy products, and other food items. Natural ingredients such as phytochemicals are becoming popular for their ability to enhance food products' color, flavor, shelf-life, and nutritional benefits.

Rising Trend for Ayurvedic Products

Phytochemicals or herbal extracts, directly extracted from crude plant material, are increasingly popular due to the surge in traditional medicine or ayurvedic consumption. In India, numerous small, medium, and large-scale manufacturers produce natural ingredients for medicinal, personal care, and nutritional use. Ayurvedic physicians (Vaidyas) in rural areas also establish small manufacturing units for phytochemicals or herbal extracts for medicinal purposes. Growing consumer awareness of the benefits of phytochemicals has led to increased demand in pharmaceuticals, cosmetics, nutraceuticals, and the food and beverage industries.

Increasing Use in Personal Care Industry

Phytochemicals are gaining popularity in the personal care industry due to changes in consumer behavior. Consumers are becoming more aware of the ingredients in their personal care products or supplements. In cosmetics, phytochemicals are used as humectants to retain moisture, maintain fragrance, and nourish the skin. Anti-aging products are particularly in demand, and phytochemicals with anti-aging properties offer stable solutions for overcoming these issues. Extracts from plants like Lagerstroemia speciose and Lagerstroemia floribunda are suitable as anti-aging ingredients in skincare formulations.

Country-wise Insights

U.S. Market Leading in North America

The U.S. holds a significant share of the phytochemicals market in North America. The aging population and health consciousness drive the growing consumption of phytochemicals and plant extracts. Nutraceuticals' claims of preventing chronic diseases, improving health, and delaying aging have also boosted phytochemical demand in the U.S.

Category-wise Insights

Growth from Carotenoids

Carotenoids, which account for a substantial share of the phytochemicals market, are prominent in the health and wellness industry. Research indicates that dietary carotenoids play a vital role in reducing cardiovascular disease risk and cancer and are used in cataract treatment. They are also used in the cosmetics industry as anti-aging agents due to their antioxidant properties.

Major End-use Application Industries

Phytochemicals find applications in various industries, including food and beverages, cosmetics and personal care products, pharmaceuticals, nutraceuticals, animal feed, and others. The food and beverage industry holds a significant share, driven by the increasing demand for natural ingredients.

Competitive Analysis

Key players in the global phytochemicals market are heavily investing in research, development, and innovation to discover new applications for phytochemicals. These companies focus on customer satisfaction, safety, and quality to capture a broader customer base. The food and beverage, nutraceutical, cosmetics, and personal care industries' increasing demand for phytochemicals positions these companies as significant suppliers in the market.

Key Companies
• BASF SE: Focuses on research and innovation, with dedicated units for advanced materials, process research, chemical engineering, and bioscience research.
• Nektium: Emphasizes research and innovation for product development, sourcing products from certified natural ingredient suppliers and conducting rigorous quality testing.
• Chengdu Biopurify Phytochemicals Ltd.: Invests in research and development to offer innovative products and ensures quality through various tests in its laboratories.
• Chr Hansen Holding A/S: Expanded its production facility in North America for natural colors, incorporating research and development, application and quality assurance laboratories, production units, warehouses, and marketing and sales units.

Key Companies Profiled
• BASF SE
• Chr. Hansen Holding A/S
• DSM N.V.
• Dohler GmbH
• Kothari Phytochemicals & Industries Ltd.
• Indena SPA
• Phyto Life Sciences Pvt. Ltd.
• Sabinsa Corporation
• HimPharma
• Kisalaya Herbals Ltd.
• Chengdu Biopurify Phytochemicals Ltd.
• FYTEXIA
• Nektium
• Linnea SA
• K Patel Phyto Extractions Pvt. Ltd.
• Herbochem
• Naturex SA
• Organic Herb Inc.

Industry Research by Category

By Type
• Carotenoids
• Flavonoids
• Phytosterols
• Polyphenols
• Others

By Application
• Food and Beverage Industry
• Cosmetics and Personal Care Products
• Pharmaceuticals
• Nutraceuticals
• Animal Feed
• Others

By Region
• North America
• Latin America
• Europe
• South Asia & Pacific
• East Asia
• Middle East & Africa

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